Exercise 6-13 Calculate inventory using lower-of-cost-or-market (LO6)

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Home Furnishings reports inventory using the lower-of-cost-or-market method. Below is information related to its year-end inventory.

 

  InventoryQuantityCostMarket
  Furniture280       $ 93       $ 108       
  Electronics58       480       340       

Exercise 6-13 Part 2

2.Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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